ALBANY, New York, May 5, 2015 /PRNewswire/ -- AMRI (NASDAQ: AMRI)
today reported financial and operating results for the first
quarter ended March 31, 2015.
Highlights:
- First quarter contract revenue of $75.1 million, up 47% from 2014
- First quarter royalties of $6.7
million, down 19% from 2014
- First quarter adjusted diluted EPS of $0.20 up 25% from $0.16 in 2014, including a $0.03 decrease in EPS from royalties in the
current quarter
- Completed the acquisitions of SSCI/West Lafayette, Ind. and Glasgow UK businesses, broadening our
capabilities in analytical and drug product development
services
- Announced closure of Holywell, UK API manufacturing
site; transitioning activities to other sites within
AMRI
- AMRI confirms 2015 financial guidance
"We are very pleased with our results this quarter, highlighted
by strong growth in our Drug Product business as a result of the
acquisitions of OsoBio and our Glasgow
UK facility, and solid year-over-year growth in our API
business," said William S. Marth,
AMRI's president and chief executive officer. "Importantly,
contract margins continue to expand across our entire operations as
result of the addition of the new businesses, our cost reduction
initiatives and further efficiency efforts across our business. We
remain confident that these trends will continue through the year
and are maintaining our outlook for 2015, which includes full year
revenue growth of 40% and adjusted diluted EPS growth of 35% at the
midpoint."
First Quarter 2015 Results
Total revenue for the first quarter of 2015 was $81.8 million, an increase of 38% compared to
total revenue of $59.3 million
reported in the first quarter of 2014.
Total contract revenue for the first quarter of 2015 was
$75.1 million, an increase of 47%
compared to total contract revenue of $51.0
million reported in the first quarter of 2014. Adjusted
contract margins were 23% for the first quarter of 2015, compared
with 18% for the first quarter of 2014, driven by the growth of the
Drug Product business, increased capacity utilization, and the
benefit of cost reduction initiatives and facility optimization.
Adjusted contract margins exclude purchase accounting depreciation
and amortization that is included under U.S. GAAP. For a
reconciliation of U.S. GAAP contract margins as reported to
adjusted contract margins for the 2015 and 2014 reporting periods,
please see Table 1 at the end of press release.
Royalty revenue in the first quarter of 2015 was $6.7 million, a decrease of 19% from $8.3 million in the first quarter of 2014 due
primarily to lower royalties on Allegra (fexofenadine) products.
Royalty revenue for the first quarter of 2015 includes $3.8 million of royalties from the fexofenadine
products and $2.9 million from the
net sales of certain amphetamine salts sold by Actavis.
Net loss under U.S. GAAP was $(2.2)
million, or $(0.07) per
diluted share, in the first quarter of 2015, compared to U.S. GAAP
net income of $3.5 million, or
$0.11 per diluted share for the first
quarter of 2014. Net income on an adjusted non-GAAP basis in the
first quarter was $6.4 million or
$0.20 per diluted share, compared to
adjusted net income of $5.1 million
or $0.16 per diluted share for 2014.
During the first quarter 2015, the company recorded, among other
items, $2.5 million of impairment and
$1.3 million of restructuring charges
related to the company's plan to cease operations at its Holywell,
UK facility.
Segment Results
Discovery and
Development Services (DDS)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
(Unaudited; $ in
thousands)
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
DDS Contract
Revenue
|
|
$19,263
|
|
$18,990
|
|
Cost of Contract
Revenue
|
|
14,756
|
|
15,627
|
|
Contract Gross Profit
(1)
|
|
4,507
|
|
3,363
|
|
Contract Gross
Margin
|
|
23%
|
|
18%
|
|
|
|
|
|
|
|
(1) A portion of the
2014 amounts were reclassified from DDS to API to better align
business activities within our reporting segments.
|
Discovery and Development Services (DDS) contract revenue for
the first quarter of 2015 increased 1% to $19.3 million, compared to $19.0 million the first quarter of 2014,
primarily due to an increase in discovery services revenue. DDS
gross margins increased to 23% from 18% in the quarter, driven by
the benefit of cost reduction initiatives and facility
optimization.
Active
Pharmaceutical Ingredients (API)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
(Unaudited; $ in
thousands)
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
API Contract
Revenue
|
|
$37,848
|
|
$29,760
|
|
Cost of Contract
Revenue
|
|
28,583
|
|
23,245
|
|
Contract Gross
Profit
|
|
9,265
|
|
6,515
|
|
Contract Gross
Margin
|
|
24%
|
|
22%
|
|
|
|
|
|
|
|
Adjusted Contract
Gross Profit (1) (2)
|
|
9,400
|
|
6,515
|
|
Adjusted Contract
Gross Margin (1) (2)
|
|
25%
|
|
22%
|
|
|
|
|
|
|
|
(1) A portion of the
2014 amounts were reclassified from DDS to API to better align its
business activities within our reporting segments.
|
|
(2) Refer to Table 1
included in this release for the reconciliation of U.S. GAAP
contract gross profit and contract gross margin to adjusted
contract gross profit and adjusted contract gross margin as a
percentage of contract revenue.
|
API contract revenue for the first quarter of 2015 increased 27%
compared to the same period of 2014 due primarily an increase in
API shipments to customers, and the addition of Cedarburg
Pharmaceuticals. API adjusted contract margins for the first
quarter of 2015 increased to 25% from 22% in the first quarter of
2014, due to the mix of business within the segment.
|
|
|
|
|
|
Drug Product
Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
(Unaudited; $ in
thousands)
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
DPM Contract
Revenue
|
|
$ 18,020
|
|
$ 2,288
|
|
Cost of Contract
Revenue
|
|
14,800
|
|
2,738
|
|
Contract Gross
Profit
|
|
3,220
|
|
(450)
|
|
Contract Gross
Margin
|
|
18%
|
|
(20%)
|
|
|
|
|
|
|
|
Adjusted Contract
Gross Profit (Loss) (2)
|
|
3,367
|
|
(450)
|
|
Adjusted Contract
Gross Margin (2)
|
|
19%
|
|
(20%)
|
|
|
|
|
|
|
|
(2) Refer to Table 1
included in this release for the reconciliation of U.S. GAAP
contract gross loss and contract gross margin to adjusted contract
gross profit (loss) and adjusted contract gross margin as a
percentage of contract revenue.
|
Drug Product Manufacturing contract revenue for the first
quarter of 2015 increased $15.7
million over the same period of 2014, reflecting the
addition of Oso Biopharmaceuticals Manufacturing (OsoBio) acquired
in July 2014 and the Glasgow, UK-based injectable drug product
formulation business acquired in January
2015. Drug Product adjusted contract margins for the first
quarter of 2015 increased to 19% compared to (20%) in the same
period of 2014, driven by the addition of the Glasgow and OsoBio businesses.
Liquidity and Capital Resources
At March 31, 2015, AMRI had cash,
cash equivalents and restricted cash of $32.2 million, compared to $51.0 million at December
31, 2014. The decrease in cash and cash equivalents for the
quarter ended March 31, 2015 was
primarily due to the use of $59.3
million to acquire the SSCI/West
Lafayette, Ind. and Glasgow,
UK businesses and $4.1 million
used for capital expenditures, which were offset by $4.4 million in cash generated from operations
and $39 million from borrowings on
our long-term debt. Total common shares outstanding, net of
treasury shares, were 33,104,229 at March
31, 2015.
Financial Outlook
AMRI's outlook for 2015 is as follows:
- Full year contract revenue is expected to be between
$335 and $370 million, an increase of
40% at the midpoint, including
- DDS revenue of approximately $98
million
- API revenue of approximately $162
million
- Drug Product revenue of approximately $92 million
- Adjusted contract margins of approximately 25%
- Royalty revenue of between $13 and $14
million, including approximately $4
million of Allegra royalties, which expire fully in the
third quarter 2015
- Adjusted selling, general and administrative (SG&A)
expenses at approximately 17% of contract revenue
- Adjusted EBITDA between $59 and $65
million, up 34% at the midpoint
- Adjusted diluted EPS is expected to be between $0.80 and $0.90, compared to $0.63 in 2014, based on an average fully diluted
share count of approximately 33 million shares
- Ratio of total revenue and adjusted diluted EPS in the first
and second half of 2015 is expected to be 45% and 55%,
respectively
- Capital expenditures of between $24 and
$26 million
- Effective tax rate of approximately 33%
Beginning in the second quarter 2015, AMRI will implement an
updated non-GAAP definition, which will include the impact of cash
interest expense and exclude the impact of non-cash stock-based
compensation, both of which had previously been excluded and
included, respectively in the Company's calculations of these
non-GAAP financial measures. These changes will redefine non-GAAP
cost of contract revenue, SG&A, interest expense, net income,
and EBITDA financial measures from the existing non-GAAP
definition. We believe these financial measures provide investors
with appropriate non-GAAP measurements that emphasize the cash
earnings potential of the business and better reflect the
underlying financial performance of the business.
The updated non-GAAP definition does not impact AMRI's 2015
financial outlook as previously disclosed. To ensure that operating
results can be evaluated on a comparable basis, historic non-GAAP
reported operating results will be adjusted to match this new
definition. In conjunction with this change, AMRI will provide
adjusted non-GAAP financial results in line with the updated
non-GAAP definition for full year 2014. This supplemental document
is available at the Investor Relations page of the company's
website at www.amriglobal.com. This change does not impact any
prior period financial statements presented on a GAAP basis.
First Quarter Results Conference Call
AMRI will host a conference call and webcast today at
8:30 a.m. ET to discuss first quarter
2015 results. The conference call can be accessed by dialing (866)
208-5728 (domestic calls) or (224) 633-1279 (international calls)
at 8:20 a.m. ET and entering passcode
30238095. The webcast and supplementing slides can be accessed on
the company's website at www.amriglobal.com.
A replay of the conference call can be accessed for 24 hours
beginning at 11:30 a.m. ET at (855)
859-2056 (domestic calls) or (404) 537-3406 (international calls)
and entering passcode 30238095. Replays of the webcast can also be
accessed for up to 90 days after the call via the investor area of
the company's website at http://ir.amriglobal.com.
About AMRI
Albany Molecular Research Inc. (AMRI) is a global contract
research and manufacturing organization that has been working with
the Life Sciences industry to improve patient outcomes and the
quality of life for more than two decades. With locations in
North America, Europe and Asia, our key business segments include
Discovery and Development Solutions (DDS), Active Pharmaceutical
Ingredients (API), and Drug Product Manufacturing. Our DDS segment
provides comprehensive services from hit identification to IND,
including expertise with diverse chemistry, library design and
synthesis, in vitro biology and pharmacology, drug
metabolism and pharmacokinetics, as well as natural products. API
Manufacturing supports the chemical development and cGMP
manufacture of complex API, including potent, controlled
substances, biologics, peptides, steroids, and cytotoxic compounds.
Drug Product Manufacturing supports development through commercial
scale production of complex liquid-filled and lyophilized
parenteral formulations. For more information about AMRI, please
visit our website at www.amriglobal.com or follow us on Twitter
(@amriglobal).
Forward-looking Statements
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. These statements include, but
are not limited to, statements regarding the company's estimates of
revenue, contract revenue, adjusted EBITDA, adjusted diluted
earnings per share, and all information and other statements
regarding the estimates of results and financial outlook for 2015,
statements made by the company's Chief Executive Officer,
statements under the caption "Financial Outlook," statements
regarding the strength of the company's business and prospects,
statements regarding the impact of recent acquisition activity, and
statements concerning the company's momentum and long-term growth,
including expected results for 2015. Readers should not place undue
reliance on our forward-looking statements. The company's actual
results may differ materially from such forward-looking statements
as a result of numerous factors, some of which the company may not
be able to predict and may not be within the company's control.
Factors that could cause such differences include, but are not
limited to, trends in pharmaceutical and biotechnology companies'
outsourcing of manufacturing services and chemical research and
development, including softness in these markets; sales of Allegra®
and the impact of the "at-risk" launch of generic Allegra®, the
rapid reduction in royalties on the Allegra products expected in
2015 and the patent expirations on such products, the OTC
conversion of Allegra® and the generic and OTC sales of Allegra in
Japan on the company's receipt of
significant royalties under the Allegra® license agreement; the
success of the sales of other products for which the company
receives royalties; the risk that the company will not be able to
replicate either in the short or long term the revenue stream that
has been derived from the royalties payable under the Allegra®
license agreements; the risk that clients may terminate or reduce
demand under any strategic or multi-year deal; the company's
ability to enforce its intellectual property and technology rights;
the company's ability to obtain financing sufficient to meet its
business needs; the company's ability to successfully comply with
heightened FDA scrutiny on aseptic fill/finish operations; the
results of further FDA inspections; the company's ability to
effectively maintain compliance with applicable FDA and DEA
regulations; the company's ability to integrate past or future
acquisitions, including the Aptuit West Lafayette and Glasgow operations, Cedarburg Pharmaceuticals
and Oso Biopharmaceuticals Manufacturing, and make such
acquisitions accretive to the company's business model, the
company's ability to take advantage of proprietary technology and
expand the scientific tools available to it, the ability of the
company's strategic investments and acquisitions to perform as
expected, as well as those risks discussed in the company's Annual
Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities
and Exchange Commission on March 16,
2015, and the company's other SEC filings. Contract revenue,
adjusted diluted EPS, adjusted SG&A, adjusted contract margin,
adjusted EBITDA and other financial guidance offered by senior
management today with respect to 2015 represent a point-in-time
estimate and are based on information as of the date of this press
release. Senior management has made numerous assumptions in
providing this guidance which, while believed to be reasonable, may
not prove to be accurate. Numerous factors, including those noted
above, may cause actual results to differ materially from the
guidance provided. The company expressly disclaims any current
intention or obligation to update the guidance provided or any
other forward-looking statement in this press release to reflect
future events or changes in facts assumed for purposes of providing
this guidance or otherwise affecting the forward-looking statements
contained in this press release.
Non-GAAP Adjustment Items
To supplement our financial results prepared in accordance with
U.S. GAAP, we have presented non-GAAP measures of contract gross
profit, contract gross margin, income from operations, and net
income and income per diluted share as adjusted to exclude certain
impairment charges, restructuring charges, executive transition
costs, debt interest and amortization charges, business acquisition
costs, non-recurring legal costs, ERP implementation costs,
depreciation and amortization of purchase accounting adjustments,
non-recurring organizational costs, and postretirement benefit plan
settlement gains in the 2015 and 2014 periods. We have also
presented non-GAAP measures of adjusted EBITDA, which in addition
to the items excluded above, further excluded the impact of
interest income and expense, depreciation and amortization expense,
and income tax expense or benefit. Exclusion of these non-recurring
items allows comparisons of operating results that are consistent
over time. We believe presentation of these non-GAAP measures
enhances an overall understanding of our historical financial
performance because we believe they are an indication of the
performance of our base business. Management uses these non-GAAP
measures as a basis for evaluating our financial performance as
well as for budgeting and forecasting of future periods. For these
reasons, we believe they can be useful to investors. The
presentation of this additional information should not be
considered in isolation or as a substitute for income (loss) from
operations, net income (loss) or income (loss) per diluted share,
prepared in accordance with U.S. GAAP. Reconciliations of these
non-GAAP measures to the most directly comparable GAAP financial
measures are set forth in Tables 1-3. Our projected 2015 adjusted
EPS and adjusted EBITDA, however, are only provided on an adjusted
basis. It is not feasible to provide GAAP EPS and EBITDA guidance
because the items excluded are difficult to predict and estimate
and are primarily dependent on future events.
Albany Molecular
Research, Inc.
|
Selected
Consolidated Balance Sheet Data
|
(unaudited)
|
|
|
|
March 31,
2015
|
December 31,
2014
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
28,515
|
$
46,995
|
Restricted
cash
|
|
3,675
|
4,052
|
Accounts receivable,
net
|
|
69,063
|
71,644
|
Royalty income
receivable
|
|
6,779
|
5,061
|
Inventory
|
|
53,504
|
49,880
|
Total current
assets
|
|
189,771
|
192,155
|
Property and
equipment, net
|
|
176,997
|
164,332
|
Total
assets
|
|
571,142
|
519,953
|
|
|
|
|
Total current
liabilities
|
|
53,756
|
48,690
|
Longâ€'term debt,
excluding current installments, net of unamortized
discount
|
|
200,493
|
159,980
|
Total
liabilities
|
|
329,267
|
278,131
|
Total stockholders'
equity
|
|
241,875
|
241,822
|
Total liabilities and
stockholders' equity
|
|
571,142
|
519,953
|
Albany Molecular
Research, Inc.
|
Condensed
Consolidated Statements of Operations (unaudited)
|
|
|
|
Three Months Ended
|
|
|
(Dollars in
thousands, except for per share data)
|
|
March 31,
2015
|
|
March 31,
2014
|
|
|
|
|
|
|
|
|
|
Contract
revenue
|
|
$ 75,131
|
|
$ 51,038
|
|
|
Recurring
royalties
|
|
6,685
|
|
8,283
|
|
|
Total
revenue
|
|
81,816
|
|
59,321
|
|
|
|
|
|
|
|
|
|
Cost of contract
revenue
|
|
58,139
|
|
41,610
|
|
|
Technology incentive
award
|
|
382
|
|
593
|
|
|
Research and
development
|
|
490
|
|
79
|
|
|
Selling, general and
administrative
|
|
17,474
|
|
10,629
|
|
|
Postretirement
benefit plan settlement gain
|
|
-
|
|
(1,285)
|
|
|
Restructuring
charges
|
|
1,487
|
|
230
|
|
|
Impairment
charges
|
|
2,615
|
|
-
|
|
|
Total operating
expenses
|
|
80,587
|
|
51,856
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
1,229
|
|
7,465
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
(3,036)
|
|
(2,616)
|
|
|
Other income
(expense), net
|
|
469
|
|
(40)
|
|
|
|
|
|
|
|
|
|
(Loss) income before
income taxes
|
|
(1,338)
|
|
4,809
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
885
|
|
1,309
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
$ (2,223)
|
|
$ 3,500
|
|
|
|
|
|
|
|
|
|
Basic (loss) earnings
per share
|
|
$ (0.07)
|
|
$ 0.11
|
|
|
|
|
|
|
|
|
|
Diluted (loss)
earnings per share
|
|
$ (0.07)
|
|
$ 0.11
|
|
|
|
|
|
|
|
|
|
|
Table 1: Reconciliation of three months ended March 31, 2015 and 2014 reported contract gross
profit (loss) and contract gross margin to adjusted contract gross
profit (loss) and adjusted contract gross margin
|
|
|
|
|
Non-GAAP
Measures
|
|
Three Months
Ended
|
(Dollars in
thousands)
|
|
March
31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Consolidated Contract
Revenue, as reported
|
|
$75,131
|
|
$51,038
|
Consolidated Cost of
Contract Revenue, as reported
|
|
58,139
|
|
41,610
|
Consolidated Contract
Gross Profit, as reported
|
|
16,992
|
|
9,428
|
add: Purchase
accounting depreciation
|
|
282
|
|
-
|
Consolidated Contract
Gross Profit, as adjusted
|
|
$17,274
|
|
$ 9,428
|
Consolidated Contract
Gross Margin, as reported
|
|
23%
|
|
18%
|
Consolidated Contract
Gross Margin, as adjusted
|
|
23%
|
|
18%
|
|
|
|
|
|
|
|
|
|
|
API Segment Contract
Revenue, as reported
|
|
$37,848
|
|
$29,760
|
API Segment Cost of
Contract Revenue, as reported
|
|
28,583
|
|
23,245
|
API Segment Contract
Gross Profit, as reported
|
|
9,265
|
|
6,515
|
add: Purchase
accounting depreciation
|
|
135
|
|
-
|
API Segment Contract
Gross Profit, as adjusted
|
|
$ 9,400
|
|
$ 6,515
|
API Segment Contract
Gross Margin, as reported
|
|
24%
|
|
22%
|
API Segment Contract
Gross Margin, as adjusted
|
|
25%
|
|
22%
|
|
|
|
|
|
Drug Product Segment
Contract Revenue, as reported
|
|
$18,020
|
|
$ 2,288
|
Drug Product Segment
Cost of Contract Revenue, as reported
|
|
14,800
|
|
2,738
|
Drug Product Segment
Contract Gross Loss, as reported
|
|
3,220
|
|
(450)
|
add: Purchase
accounting depreciation
|
|
147
|
|
-
|
Drug Product Segment
Contract Gross Profit (Loss), as adjusted
|
|
$ 3,367
|
|
$ (450)
|
Drug Product Segment
Contract Margin, as reported
|
|
18%
|
|
(20)%
|
Drug Product Segment
Contract Margin, as adjusted
|
|
19%
|
|
(20)%
|
|
|
|
|
|
|
|
|
|
|
Table 2: Reconciliation of the three months ended March 31, 2015 and 2014 reported income from
operations, net income and earnings per diluted share to adjusted
income from operations, adjusted net income and adjusted diluted
earnings per share:
|
|
First
Quarter
|
|
First
Quarter
|
|
(Dollars in
thousands, except for per share data) Non-GAAP
Measures
|
|
2015
|
|
2014
|
|
Income from
operations, as reported
|
|
$
1,229
|
|
$
7,465
|
|
Impairment
charges
|
|
2,615
|
|
-
|
|
Restructuring
charges
|
|
1,487
|
|
230
|
|
Executive transition
costs
|
|
1,325
|
|
640
|
|
Business acquisition
costs
|
|
1,090
|
|
322
|
|
Purchase accounting
depreciation and amortization
|
|
1,003
|
|
-
|
|
Postretirement
benefit plan settlement gain
|
|
-
|
|
(1,285)
|
|
ERP Implementation
costs
|
|
204
|
|
-
|
|
Non-recurring
professional fees
|
|
617
|
|
-
|
|
Income from
operations, as adjusted
|
|
$
9,570
|
|
$
7,372
|
|
Net income, as
reported
|
|
$
(2,223)
|
|
$
3,500
|
|
Adjustments, net of
tax:
|
|
|
|
|
|
Impairment
charges
|
|
2,592
|
|
-
|
|
Restructuring
charges
|
|
1,415
|
|
197
|
|
Executive transition
costs
|
|
862
|
|
416
|
|
Business acquisition
costs
|
|
709
|
|
209
|
|
Purchase accounting
depreciation and amortization
|
|
666
|
|
-
|
|
Postretirement
benefit plan settlement gain
|
|
-
|
|
(835)
|
|
ERP Implementation
costs
|
|
133
|
|
|
|
Non-recurring
professional fees
|
|
401
|
|
-
|
|
Debt interest and
amortization charges
|
|
1,867
|
|
1,616
|
|
Net income, as
adjusted
|
|
$
6,422
|
|
$
5,103
|
|
Earnings per diluted
share, as reported
|
|
$
(0.07)
|
|
$
0.11
|
|
Adjustments, net of
tax:
|
|
|
|
|
|
Impairment
charges
|
|
0.08
|
|
-
|
|
Restructuring
charges
|
|
0.05
|
|
0.01
|
|
Executive transition
costs
|
|
0.03
|
|
0.01
|
|
Business acquisition
costs
|
|
0.02
|
|
0.01
|
|
Purchase accounting
depreciation and amortization
|
|
0.02
|
|
-
|
|
Postretirement
benefit plan settlement gain
|
|
-
|
|
(0.03)
|
|
ERP Implementation
costs
|
|
-
|
|
-
|
|
Non-recurring
professional fees
|
|
0.01
|
|
-
|
|
Debt interest and
amortization charges
|
|
0.06
|
|
0.05
|
|
Earnings per diluted
share, as adjusted
|
|
$
0.20
|
|
$
0.16
|
|
Table 3: Reconciliation of the three months ended March 31, 2015 and 2014 reported income from
operations to adjusted EBITDA:
|
|
|
|
|
|
|
|
First Quarter
2015
|
|
First
Quarter 2014
|
|
Income from
operations, as reported
|
|
$
1,229
|
|
$
7,465
|
|
Impairment
charges
|
|
2,615
|
|
-
|
|
Restructuring
charges
|
|
1,487
|
|
230
|
|
Executive transition
costs
|
|
1,325
|
|
640
|
|
Business acquisition
costs
|
|
1,090
|
|
322
|
|
Purchase accounting
depreciation and amortization
|
|
1,003
|
|
-
|
|
Postretirement
benefit plan settlement gain
|
|
-
|
|
(1,285)
|
|
ERP Implementation
costs
|
|
204
|
|
-
|
|
Non-recurring
professional fees
|
|
617
|
|
-
|
|
Income from
operations, as adjusted
|
|
$
9,570
|
|
$
7,372
|
|
Add: Non-operating
(expense) income net, as reported
|
469
|
|
(40)
|
|
Add: Depreciation and
amortization
|
|
4,483
|
|
3,761
|
|
Adjusted
EBITDA
|
|
$
14,522
|
|
11,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|